In order to ensure energy security in Africa and Europe, the European Union (EU), in collaboration with the Federal Government has expressed a renewed interest in setting up a mechanism to finance a gas project in Nigeria.
The EU announced this on Friday when Matthew Baldwim, Deputy Director-General, EU Energy Platform Task-Force, was greeted by Chief Timipré Sylva, Minister of State for Petroleum Resources, in his office in Abuja.
Recall that the EU team met with other important ministries that had important responsibilities to play in ensuring energy security at the same time that it paid the Minister its second visit in four months.
According to the Minister, this development will speed EU's ambition to ensure the availability of alternate gas to that of Russia.
He deemed the aid, which included funding, private sector investment, technology development, and security, useful since it had finally allowed Nigeria to catch up to the rest of the world.
Sylva, who criticised the EU and Western nations for investing in fossil fuels too quickly, claimed that fossil fuels will still be important in the future while gas would be utilised as a transition fuel.
He emphasised the requirement for the EU to make an appeal to their financial institutions to be willing to loosen strict regulations and remove bottlenecks hindering loans in order to enable sourcing money under favourable terms.
“We have always said that we are committed to gas as a transition fuel and today we are speaking the same language with the EU.
“We are discussing with the EU on how to collaborate on developing technology and other support they can give Nigeria.
“They are responsible for the policy that will drive the investment,” he said.
He mentioned security as another area of cooperation because they visited the Niger Delta to personally assess the security issue.
He also added that technology was necessary for the solution itself.
He said that the area would be protected so that oil and gas investments could flourish while the production quota would be strengthened.
He said a four-legged partnership between the government, security personnel, oil firms, and local residents was involved in the intervention to lessen insecurity in the area.
Baldwim had already reaffirmed the EU's commitment to bringing the gas project to fruition and expressed hope for a lasting collaboration for Nigeria's energy transition.
“I am very pleased to be working with you in a big way private sector investment is guaranteed; the more the security situation can be improved in the Niger Delta Region, the more investment we will see,” he said.
A great opportunity to access the European markets will be presented by the Trans Sahara Gas Pipelines (TSGP) and the AKK Gas Project.
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